REGISTERED NUMBER: 04484223 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Scerene Fishing Company Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

J J Colam

A C Pillar

L G Colam

SECRETARY:

Mrs R A Colam

REGISTERED OFFICE:

Reedham House

31 King Street West

Manchester

M3 2PJ

BUSINESS ADDRESS:

Wallsend Industrial Estate

Cattedown Road

Cattedown

Plymouth

Devon

PL4 0RW

REGISTERED NUMBER:

04484223 (England and Wales)

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

The Directors present their strategic report for the period ended 31 December 2025.

Business Review

The principle activity of the company continued to be that of fishing associated activities.

The results of the year, and the financial position of the company are shown in the annexed financial statements.

The company regards the KPI's as turnover and profitability, both of which are stated in the financial statements. Results are influenced by the availability of fishing opportunities, market prices.

The principle risks and uncertainties affecting the business are considered to be the actions of regulatory authorities. All these are closely monitored by the company.

ON BEHALF OF THE BOARD:

J J Colam - Director

16 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

An interim dividend of £9,000,000 per share was paid on 31 December 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 9,000,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

J J Colam

A C Pillar

L G Colam

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J J Colam - Director

16 September 2026

Opinion

We have audited the financial statements of Scerene Fishing Company Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-

the nature of the industry and sector, control environment and business performance;

-

results of enquiries of management about their own identification and assessment of the risks of irregularities;

-

any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

-

the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

enquiring of management concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

-

in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

I Sluckis BA FCA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

22 September 2026

TURNOVER

12,598,202

11,686,057

Administrative expenses

(102,779

)

(103,349

)

OPERATING PROFIT

4

12,495,423

11,582,708

Interest receivable and similar income

105,222

21,699

PROFIT BEFORE TAXATION

12,600,645

11,604,407

Tax on profit

5

(3,150,161

)

(2,901,102

)

PROFIT FOR THE FINANCIAL YEAR

9,450,484

8,703,305

PROFIT FOR THE YEAR

9,450,484

8,703,305

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

9,450,484

8,703,305

FIXED ASSETS

Intangible assets

7

15,857,077

15,857,077

CURRENT ASSETS

Debtors

8

-

264,785

Cash at bank

49,367

16,515

49,367

281,300

CREDITORS

Amounts falling due within one year

9

(8,522,429

)

(9,204,846

)

NET CURRENT LIABILITIES

(8,473,062

)

(8,923,546

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,384,015

6,933,531

PROVISIONS FOR LIABILITIES

10

(1,051,169

)

(1,051,169

)

NET ASSETS

6,332,846

5,882,362

CAPITAL AND RESERVES

Called up share capital

11

1

1

Retained earnings

12

6,332,845

5,882,361

SHAREHOLDERS' FUNDS

6,332,846

5,882,362

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

J J Colam - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1

5,679,056

5,679,057

Changes in equity

Dividends

-

(8,500,000

)

(8,500,000

)

Total comprehensive income

-

8,703,305

8,703,305

Balance at 31 December 2024

1

5,882,361

5,882,362

Changes in equity

Dividends

-

(9,000,000

)

(9,000,000

)

Total comprehensive income

-

9,450,484

9,450,484

Balance at 31 December 2025

1

6,332,845

6,332,846

1.	STATUTORY INFORMATION

Scerene Fishing Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Significant accounting Judgements

The significant accounting judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are in respect of intangible fixed assets as discussed below.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Turnover

Turnover represents the amount derived from the provision of services and entitlements which fall within the company's ordinary activities, stated net of value added tax.

Intangible fixed assets

No amortisation has been charged on boat licences, entitlements and associated benefits as in the opinion of the director there has been no impairment in their value during the year and the director does not envisage any impairment arising in the foreseeable future. The director has based his assessment on the grounds that the licences, entitlements and associated benefits have an indefinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future.

The company has also rebutted the presumption that intangible assets should be amortised on the grounds that this is necessary to give a true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

Having made appropriate enquiries, the Director considers that the Company has adequate resources to continue in business for the foreseeable future and that it is therefore appropriate to adopt the going concern basis in preparing the financial statements of the company.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2025 nor for the year ended 31 December 2024.

The average number of employees during the year was as follows:

2025

2024

Management

3

3

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Auditors' remuneration

2,511

3,170

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

2,136,276

-

Group relief

1,013,885

2,901,102

Tax on profit

3,150,161

2,901,102

6.

DIVIDENDS

2025

2024

£

£

Ordinary share of £1

Interim

9,000,000

8,500,000

7.	INTANGIBLE FIXED ASSETS

Boat

Licences

and

entitlements

£

COST

At 1 January 2025

and 31 December 2025

15,857,077

NET BOOK VALUE

At 31 December 2025

15,857,077

At 31 December 2024

15,857,077

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

-

264,785

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to group undertakings

7,413,865

8,603,479

Tax

136,276

(839,302

)

VAT

969,141

1,437,075

Accrued expenses

3,147

3,594

8,522,429

9,204,846

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

1,051,169

1,051,169

Deferred

tax

£

Balance at 1 January 2025

1,051,169

Balance at 31 December 2025

1,051,169

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary

£1

1

1

12.

RESERVES

Retained

earnings

£

At 1 January 2025

5,882,361

Profit for the year

9,450,484

Dividends

(9,000,000

)

At 31 December 2025

6,332,845

13.	ULTIMATE PARENT COMPANY

14.	CONTINGENT LIABILITIES

The company has provided a guarantee in respect of bank borrowings of other group undertakings which at 31 December 2025 was Nil.

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY

The company's parent undertaking at the balance sheet date was Interfish Limited, a company incorporated and registered in England.

The company's ultimate parent undertaking at the balance sheet date was Interfish Holdings Limited, a company incorporated and registered in Guernsey but tax resident in England so that all income is taxed and paid in the United Kingdom.

Copies of the financial statements of Interfish Limited can be obtained from Wallsend Industrial Estate, Cattedown Road, Plymouth, Devon PL4 0RW.